The EU-Vietnam Free Trade Agreement (FTA): All You Need to Know
The European Union (EU) and Vietnam signed the EU-Vietnam Free Trade Agreement (FTA) on June 30, 2019. It is the most comprehensive trade agreement ever concluded between the EU and a developing country.
This agreement will remove almost all tariffs on goods traded between the two parties, liberalize services, and create a predictable legal framework for trade and investment in Vietnam. It will also help to level the playing field in Vietnam for EU companies.
Here are some key points to know about the EU-Vietnam FTA:
1. Tariffs will be eliminated
The deal will eliminate almost all tariffs on goods traded between the two parties. This means that EU businesses will no longer have to pay tariffs on goods exported to Vietnam, and Vietnamese businesses will no longer have to pay tariffs on goods exported to the EU.
2. Better access to Vietnamese markets
The EU-Vietnam FTA will give EU businesses better access to Vietnam`s growing markets. This means that EU companies will be able to sell their goods and services more easily in Vietnam, and Vietnamese consumers will have access to a wider range of affordable products.
3. Lower barriers to investment
The deal will lower barriers to investment in Vietnam for EU companies. This means that EU businesses will be able to invest more easily in Vietnam, and Vietnamese businesses will have better access to EU investment.
4. Sustainable development
The EU-Vietnam FTA includes a chapter on sustainable development. This means that the parties will promote sustainable and responsible investment in Vietnam, and will support the implementation of international labor and environmental standards.
5. Intellectual property rights
The agreement includes provisions on intellectual property rights. This means that EU businesses will be protected against counterfeiting and piracy in Vietnam.
6. Environmental protection
The EU-Vietnam FTA includes provisions on environmental protection. This means that the parties will cooperate on issues such as biodiversity, climate change, and sustainable management of natural resources.
7. Human rights
The agreement includes provisions on human rights. This means that the parties will promote and protect human rights in Vietnam, including labor rights and the rights of minorities.
In conclusion, the EU-Vietnam Free Trade Agreement is a comprehensive agreement that will benefit both parties. It will provide better access to markets and investment, promote sustainable development, protect intellectual property rights, and support environmental protection and human rights.